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Austeritätspolitik in der Europäischen Währungsunion: Bilanz und Perspektiven


  • Stefan Homburg
  • Sebastian Dullien
  • Martin Höpner
  • Klaus Schrader
  • Ronald Schettkat


The authors express different opinions about the outcomes of austerity policies. They do not even agree on the number of states that adopted austerity policies, as measured by deficit and debt ratios. However, most of the authors consider that austerity in Greece has failed due to the lack of political will and the lack of a functioning administration, which obstructs the reform process complementary to austerity policies. Another reason for the failure of austerity policies is probably a delayed and insufficient debt restructuring in Greece — a lesson which should be taken on board for future adjustment programmes. Apart from economic effects, a continuation of austerity policies in Southern Europe would further damage the social structures and political cultures of the respective countries. Therefore, one author suggests a jointly conducted exit from the eurozone of countries with high effective overvaluations, combined with solidaristic transfers during the period of transition. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Stefan Homburg & Sebastian Dullien & Martin Höpner & Klaus Schrader & Ronald Schettkat, 2015. "Austeritätspolitik in der Europäischen Währungsunion: Bilanz und Perspektiven," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 95(4), pages 231-248, April.
  • Handle: RePEc:spr:wirtsc:v:95:y:2015:i:4:p:231-248
    DOI: 10.1007/s10273-015-1813-z

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    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Kleczka, Mitja, 2015. "Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound. A View on the Eurozone," MPRA Paper 67228, University Library of Munich, Germany.

    More about this item


    E62; F45; H63;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt


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